The Quick Read: As of September 28, 2026, buyers hold more negotiating room than they have in years, and the inspection is where that room turns into money. NAR’s August report shows supply at 4.9 months, the highest in over ten years. Freddie Mac’s 30-year average has climbed for weeks, so every repair you absorb or negotiate away changes what you can afford. Walk the house with a plan, ask for the right remedy, and read your contract before you sign anything.
I’m writing this on September 28, 2026, so every number below carries its source date. Check those dates before you lean on any of it.
Key Takeaways
- Existing-home sales fell to 3.98 million annualized in August, and supply rose to 4.9 months, per NAR’s report of September 10.
- Redfin says sellers outnumber buyers by roughly 58%. Seller concessions, which include repairs, showed up in 44.7% of August sales.
- Freddie Mac’s 30-year average reached 7.03% for the week of September 24, up from 6.95% the week before.
- A repair credit, a repair order and a price cut are different remedies. They treat your financing differently.
- Not every market favors buyers. The leverage is strongest in the Sun Belt, and Redfin says the Midwest and Northeast still lean toward sellers.
What Changed: The Dated Facts
Start with rates, because they set the mood. Freddie Mac’s weekly survey put the 30-year fixed at 7.03% for the week of September 24, 2026. The prior week read 6.95%. A year earlier it was 6.30%.
Look at the run. The survey read 6.66% for the week of August 27, then 6.71%, 6.76%, 6.95% and 7.03%. Each release says it is up from the week before. By my arithmetic, that is 37 basis points in four weeks and 73 basis points above last year. A basis point is one hundredth of a percentage point.
The Mortgage Bankers Association tells the same story from a different angle. Its survey for the week ending September 18, released September 23, put the 30-year conforming contract rate at 7.12%, up from 6.97%. MBA’s release also shows purchase applications 11% below a year earlier on an unadjusted basis.
The two rates differ because the surveys measure different things. Freddie Mac tracks conventional conforming loans with a 20% down payment and excellent credit. MBA tracks applications it receives. Neither is a DSCR or non-QM rate, so don’t read either one as the price of an investor loan. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
The Fed added pressure. On September 16, the FOMC voted 12–0 to raise its target range by a quarter point, to 3-3/4 to 4 percent. The statement says inflation “remains elevated.” It was the first increase in more than three years, per CNBC’s coverage that day. Be careful with the cause and effect, though. Coverage ties mortgage rates more to the 10-year Treasury yield and bond-market worries than to the policy rate. The 10-year series at FRED shows the yield has been climbing too.
Now the housing side. NAR’s August report, released September 10, shows sales of 3.98 million annualized. That is down 2.0% from July and 1.2% from a year earlier. Inventory hit 1.62 million homes, up 5.9% year over year, the first time above 1.6 million since November 2019. Supply rose to 4.9 months from 4.6 in July. The median price was $429,100.
NAR’s chief economist, Lawrence Yun, said the ample supply “is giving homebuyers better opportunities to negotiate.” That is the sentence this column is built on.
Redfin’s numbers go further. Its buyers-versus-sellers analysis, published September 17 on August data, calls this the strongest buyer’s market on record. It counts about 1.53 million sellers against 972,000 buyers. Its press release of September 10 names Nashville, Miami and Houston as the widest gaps, and it ties part of the Sun Belt build-up to active homebuilding.
Then concessions. Inman’s report on Redfin’s analysis, dated September 18, says concessions appeared in 44.7% of U.S. sales in August. That is up from 42.6% a year earlier and the highest August share since at least 2020. Atlanta ran at 72.8%, Charlotte at 67.9% and Phoenix at 67.4%. WRE News notes that Redfin counts seller-paid closing costs, repairs and rate buydowns as concessions. Price cuts are tracked separately.
One caution on that last point. No source I found measures repair credits or inspection-based renegotiation directly. Redfin’s concession share is the closest proxy, not the thing itself.
What It Means for Real Estate Investors and Home Buyers
The plain read is that sellers have less power than they had a year ago. More homes are sitting. Sellers who have waited are more willing to deal, per NAR’s release. Demand is thin because of economic worries and affordability, so the buyer who shows up with a clean, well-documented offer has options.
Higher rates change what those options are worth. If a rate moves from 6.30% to 7.03%, the same loan is reviewed less easily than it did a year ago. I won’t put a payment figure on that, because it depends on the loan, and it doesn’t need one. Direction is enough. Every dollar you spend on repairs after closing is a dollar you don’t have for reserves or cash flow. Every dollar a seller pays or takes off the price works in your favor.
Investors have their own version of this. A rental buyer looking at DSCR loan programs is being judged largely on the property’s rent against its costs, subject to lender guidelines. A roof that fails in year one hurts that math in a way a nicer kitchen never will. The inspection tells you what the property will really cost to hold.
Documentation matters more now, too. HousingWire, citing Optimal Blue, reported on September 12 that DSCR and investor lock volume is up 130% between January 2022 and August 2026. The same report says DSCR and investor loans made up 35% of non-QM production in August, versus 28% a year earlier. It also cites fraud-risk indicators on 1 in 44 investment-property applications. With that scrutiny, a clean inspection report and an accurate valuation help the file. I’d keep every report and every repair receipt.
The September Walk-Through: A Buyer’s Checklist
Here is the checklist. I’ve grouped it by the order you’d walk the property. Your inspector does the technical work. Your job is to arrive informed, ask better questions and know which findings carry weight.
Outside and up top
- Roof. Look for missing, curled or cracked shingles and worn flashing around chimneys and vents. Ask the inspector how much life is left, not just whether it leaks today.
- Gutters and downspouts. Check that they are attached, clear and pointed away from the foundation. Fall leaves are about to test them.
- Grading and drainage. The ground should slope away from the house. Pooling near the foundation is a warning sign.
- Siding, paint and caulking. Gaps let in water and cold. They are usually cheap to fix, which makes them good bargaining chips.
- Foundation. Note cracks, and ask whether they look old and stable or new and widening. That is a question for the inspector, and possibly a structural specialist.
Inside and underneath
- Heating system. Summer means the furnace may not have run in months. Ask that it be tested in heating mode now. September is your chance to find out before the first cold night.
- Chimney and fireplace. A fireplace that looks fine can still be unsafe to use. Ask about a chimney inspection.
- Plumbing. Check visible pipes for leaks and staining. Ask about the age and material of the supply lines and the water heater.
- Electrical. Ask about the panel’s age and condition, and about any signs of overloaded or amateur wiring.
- Attic. Look for water stains, poor ventilation and thin insulation. Moisture up there means trouble below.
- Windows and doors. Seals and weatherstripping decide how the house handles winter.
- Safety devices. Smoke and carbon monoxide detectors should be present and working.
Ask about specialists
Some problems need a specialist beyond the general inspection. Sewer lines, radon, mold, termites and structural concerns are the usual ones. A general inspector will tell you when to bring one in. Inspections also have limits. They generally don’t cover buried pipes or unsafe, inaccessible areas, so know what your report does not say.
How Do You Turn Findings Into Leverage?
Sort every finding into three piles before you talk to anyone.
Red flags threaten safety, structure or the roof over your head. These may justify a big renegotiation or walking away, if your contract allows it. Yellow flags need attention but aren’t dramatic. These are your negotiating material. Green items are fine. Don’t waste goodwill arguing over cosmetic scuffs.
Then choose the remedy. You have three main ones, and they aren’t equal.
| Remedy | What happens | Watch for |
|---|---|---|
| Seller repairs | Seller fixes before closing | Quality of the work; get receipts |
| Repair credit | Seller pays at closing | Lender limits on credits |
| Price reduction | Purchase price drops | Appraisal and financing effects |
A credit and a price cut sound alike and behave differently. A price reduction changes the loan and can change what you owe for years. A credit is a concession, and lenders set their own limits on how much a seller can contribute. Those limits vary by loan program and property type, so ask your loan officer or broker before you write a number into an amendment. I’m not going to guess at the limits here.
Repairs done before closing have their own risk. You’re trusting the seller’s contractor to do the job. If the work matters, such as a roof or a heating system, get documentation, and have the inspector recheck it.
Remember the Redfin detail from above. Concessions and price cuts are tracked separately, and only 15.8% of August sales had both, per RISMedia’s report of September 23. Most buyers who got something got one kind of help, not both. Decide what you want most and ask for that first.
Is This Really a Buyer’s Market Everywhere?
No. Redfin says the strongest buyer’s markets are in the Sun Belt. It says the Midwest, Northeast and Bay Area hold the remaining seller-leaning markets. Nassau County, Newark and Milwaukee still favor sellers, according to Redfin’s summary.
Falling sales also don’t mean falling prices. NAR’s median price is up 1.6% from a year ago nationally, even as sales slip. And a national statistic can hide a street where three offers are still coming in.
So treat this as a checklist for your local market, not a promise about it. Ask your agent how many homes near your target sit unsold, and how many sales in the last month included concessions. If the answer is “few,” your leverage is thin, and a demanding repair request may lose you the house.
My Take
Here is my opinion, and I hold it firmly. The inspection is the most underused negotiating tool in a buyer’s market. Buyers spend weeks arguing about price and then treat the inspection as a formality. It’s the one moment where a stranger with a flashlight hands you facts the seller can’t wave away.
I also think the rate run makes discipline more important than aggression. When the 30-year average moves 37 basis points in four weeks, a buyer’s budget has less slack. That pushes me toward asking for the remedy that protects cash, not the one that feels like winning.
There’s a toss-up here. A big credit feels good, but it may hit lender limits and leaves you with the repair. A lower price is cleaner on paper, but it may not be enough to cover the work. I’d lean toward repairs or credits for discrete, well-defined problems, and toward price for things that can’t be priced until you’ve lived in the house. Reasonable people will disagree, and the right answer depends on the finding.
One more opinion. Don’t let a seller’s concession lull you into overlooking a bad house. A 44.7% concession share tells you sellers are paying. It doesn’t tell you the houses are sound. Some of them are being discounted because they should be.
What I’d Do Now
This is general education, not advice to buy or sell any property.
1. Read your inspection clause first. Know how long you have, what remedies you can request and what happens if you and the seller disagree. Your agent or attorney can walk you through it. Don’t skip it.
2. Attend the inspection. Ask questions on-site. A report tells you what was found. Standing in the attic, you learn what it means.
3. Ask for the heating test. September is the last easy moment to run the furnace before it’s needed.
4. Sort findings into red, yellow and green. Bring the red and yellow items to the table, with the inspector’s language attached.
5. Ask before you agree. Confirm with your loan officer or broker how a credit, repair or price cut affects your financing. Limits are set by the loan program and the lender’s guidelines.
6. If you lock, lock deliberately. A rate lock is an agreement that holds your rate for a set period while the loan is processed. Quotes gathered on different days aren’t comparable, because the market moved between them. With rates rising for several weeks, waiting is a bet. Decide how much risk you want. If you like the loan, lock it.
7. Keep the paper. Save inspection reports, repair receipts and valuation documents. Investors especially should keep a clean file.
If you’re weighing a purchase or a refinance this fall, Lendmire can walk you through how the current programs fit your file. Our complete DSCR loans guide is a good place to start if you’re buying a rental.
Frequently Asked Questions
Does a buyer’s market mean I can demand repairs on everything?
No. Ask for what matters and let the small stuff go. Sellers with leverage problems still push back on long lists. Concentrate on safety, structure and major systems, and use cosmetic items only as trading material.
Should I ask for a credit or a price cut?
It depends on the finding and on your loan. A credit is a concession, and lenders limit how much a seller may contribute. A price cut changes the loan itself. Ask your loan officer or broker which one your program handles better before you put it in writing.
Do rising rates change how I use inspection results?
Yes. Freddie Mac’s survey reached 7.03% for the week of September 24, up from 6.95% the week before. At higher rates the same loan is harder to qualify for, so cash you keep is worth more. That argues for pushing hard on the big items and the concessions that reduce your cash needs.
Will an inspection matter differently if I’m buying a rental?
It matters more. A rental is judged largely on its income against its costs, subject to lender guidelines. An expensive surprise on a roof, a heating system or plumbing eats into that. Keep the inspection report and repair records with the file.
Is the Fed’s rate hike the reason mortgage rates are higher?
Only partly. Mortgage rates track the 10-year Treasury yield and inflation worries more closely than the Fed’s policy rate. The FOMC raised its range on September 16. Freddie Mac’s rates rose alongside the yield, and coverage points to bond-market worries as well.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage brokerage whose founder writes this column. DSCR investor programs reach 41 markets, including Washington, D.C.; consumer programs such as bank statement, HELOC and down payment assistance loans are arranged in 16 states; every loan is placed with, and underwritten by, a wholesale lender under that lender’s guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. NAR existing-home sales, August 2026
2. Freddie Mac Primary Mortgage Market Survey
3. MBA Weekly Applications Survey, September 23, 2026
4. Federal Reserve FOMC statement, September 16, 2026
5. Redfin: Is it a buyer’s or seller’s market?
6. Redfin buyers versus sellers, August 2026
7. WRE News on seller concessions
8. RISMedia on concessions and price drops, September 23, 2026
This article is part of Lendmire’s Mortgage News series — every loan program’s qualification details, guidelines, and scenarios live on the loan options page.
Related reading: First-Time Homebuyer’s Checklist · Negotiating a House Price As a Buyer · A Home Appraisal Checklist
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.